Block
chain is nothing but growing list of records which are interconnected via a
method known as cryptography. Block chains can also be related to public
ledgers which are open to edit by any party. These public records are being
widely used in the crypto currency network due to the high level of security
that is associated with the block chain technology. One recent and visible
trend is the increasing adoption block chain technology in the utilities
industry. The block chain has significantly improves its visibility in the
block chain industry. The future of the utilities market is going to be very
bright, which shall consist of millions of endpoints such as solar devices as
well as PV devices, digital customer platforms. In order to ensure quick and
hassle free business transactions, security of data exchange shall be essential
in an ever changing environment. This is where block chain comes in.
In
a dynamic landscape, many companies have entered this industry in order to take
advantage of the increasing growth rate. According to the study, ‘Blockchain
In Utilities - Thematic Research’, some of the companies that provide
block chain technology services to the utility industry include Accenture,
Cognizant, Credit China FinTech, Goldman Sachs, IBM, Microsoft, Ping An,
Santander, Axoni, BitFury,Digital Asset Holdings, Filament, LO3 Energy, R3,
Ripple, Slock.it, Grid Singularity, Veridium Labs, Ponton (Enerchain), Power
Ledger, Electron, Innogy/E.ON, TenneT and Centrica. There are various benefits
that are involved with the use of block chain. The major benefits involved with
the use of block chain technology are system transparency as well as data
security. A distributed ledger will make it possible for machine to machine
learning. One of the big assets that are involved with the block chain that
could prove extremely useful in the utilities industry is the certification and
traceability.
Utilities
market is also becoming more and more decentralised as a result of growing
importance of this type of distribution channel. Therefore the market that
channel that is dominant is the decentralized one. The major problem with
centralized distribution channel has also risen due to the increasing adoption
of electric vehicles and so are the factors like small and local micro energy
micro grids. Increasing the use of technology such as block chain allows for
coordination between many players and also facilitates the transfer of
information between two conflicting players through the mechanism is smart
contracts. Block chain also has the potential to ease out the billing process
by reducing the time that is spent on paying these due to a technology called
smart metering. Smart metres associated with block chain can be used to create
an environment of safety and transparency.
The
competition landscape of the industry is fragmented with many companies
beginning their operations in this industry. However, major achievements with
respect to the technology can be associated with big companies which tend to
hold a high share in the market. The overall growth rate of the in block chain
in the utilities sector has been increasing rapidly especially in the recent
years. Although slow however, the growth shall be immense in the future.
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